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News from the New York State and Local Retirement System

September COLA Increase for NYSLRS Retirees

In August, we said that eligible NYSLRS retirees could expect a cost of-living adjustment (COLA) increase on September 30. A COLA payment permanently increases your NYSLRS retirement benefit. It’s based on the cost-of-living index, and is designed to address inflation as it occurs. The September 2016 COLA increase equals 1 percent, for a maximum annual increase of $180.00, or $15.00 per month before taxes.

If you are due a COLA, you should have recently received a letter letting you know how much your 2016 increase is and how much your total benefit will be. If you receive your benefit by direct deposit (electronic fund transfer), you can expect to receive a second letter, which will describe the change to your benefit, before pension payments go out at the end of the month.

The COLA you receive from NYSLRS is not the same as the COLA you might receive from the Social Security Administration (SSA). In 2016, the SSA didn’t provide a COLA adjustment for almost 65 million Social Security recipients.

Healthcare in Retirement

There are reductions, such as health insurance, which may offset the COLA increase. NYSLRS does not administer health insurance programs for its retirees. For New York State retirees, the New York State Department of Civil Service administers the New York State Health Insurance Program (NYSHIP). If you have questions about your health insurance premiums, you can visit the Department of Civil Service’s website or call them at 1-800-833-4344 or 518-457-5754 to learn more.

If you retired from a public employer other than New York State (a county, city, town, village or school district), your former employer’s benefits administrator should be able to answer your health insurance questions.

How’s about updating the COLA information. The last update was September of 2016 and today is November 21, 2017. You would think a website established to provide information to retirees would be updated at least once in 14 months!?!? Also, this is my first time using the system and I see that my “last payment” was on 11/30/17?? Nope! My last payment was on 10/31/17!! How can you report a “last payment” for a date that hasn’t even come yet?? And I’m suppose to trust this website with my confidential information?? No need to respond as I will not be logging on again. You should take a lesson from the NYS Teachers Retirement system website, much more beneficial and useful. Have a nice day!!!

Our most up-to-date COLA information is available on our main website. The September 2017 COLA is 1.2 percent, for a maximum annual increase of $216.00, or $18.00 per month before taxes.

Unfortunately, the Social Media team does not have access to your retirement account, so we cannot check your last payment date. Calling our Call Center is the best way to get account specific information or help for Retirement Online — our staff are trained to help. You can also email them using our secure email form. You should expect an answer within five to seven business days.